Nigeria awards ₦2.25 billion in grants to student-founded ventures

Nigeria has awarded ₦2.25 billion in equity-free grants to student startups, a move aimed at boosting early-stage innovation as venture funding declines and investor caution reshapes the ecosystem.

Forty-five student-founded ventures in Nigeria have been awarded a total of ₦2.25 billion in grants by the Federal Ministry of Education, marking one of the country’s most significant public investments in early-stage innovation.

The grants were disbursed under the Student Venture Capital Grant Bootcamp, an initiative designed to support young founders building solutions across sectors. Selected startups can receive up to ₦50 million in equity-free funding, alongside access to mentorship, digital tools, and incubation support aimed at accelerating their growth.

The programme drew significant interest, with more than 30,000 applications submitted from over 400 tertiary institutions nationwide, highlighting both the depth of entrepreneurial ambition among Nigerian students and the growing demand for early-stage capital.

This intervention comes at a critical moment for Nigeria’s startup ecosystem. Once Africa’s leading destination for venture capital, the country has seen funding volumes decline in recent years, with markets like Kenya increasingly attracting a larger share of investor attention. Macroeconomic pressures, currency volatility, and a global slowdown in venture funding have all contributed to a more cautious investment climate.

For many early-stage founders, this shift has made access to capital more difficult, particularly for those without strong networks or prior traction. In this context, government-backed, non-dilutive funding initiatives such as the Student Venture Capital Grant Bootcamp could play an important role in sustaining the pipeline of innovation.

The Nigerian government is also advancing other efforts to support the ecosystem. Through the iDICE (Investment in Digital and Creative Enterprises) programme, it has already backed venture capital firms such as Ventures Platform and recently opened applications for additional funding opportunities. Early-stage founders participating in the programme could receive up to ₦10 million in equity-free funding.

If effectively deployed...